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一、正相关关系Berle和Means曾在1932年提出现代企业的两权分离观点。Berle和Means(1932)提出,在股权分散的情况下,分散的小股东无法有力及监督对管理层的经营行为,那么经理就有可能出于“经济人”学说的考量做出侵害其他股东利益的行为,将会影响公司绩效的最优化。这意味着公司股权的分散会带来公司绩效的降低[3]。Shleifer和Vishny
First, a positive correlation Berle and Means in 1932 proposed the separation of ownership of two modern business point of view. Berle and Means (1932) argue that in the case of decentralized shares, the scattered minority shareholders can not forcefully and supervise the management behavior of the management. Therefore, the manager may infringe upon others for the sake of “economic man” theory The interests of shareholders, will affect the optimization of corporate performance. This means that the decentralization of company ownership will lead to lower corporate performance [3]. Shleifer and Vishny